Uganda targets US$500 billion economy through industrialization

Uganda has outlined an ambitious Tenfold Growth Strategy aimed at expanding its economy from US$50 billion to US$500 billion. Discussions at the 10th High-Level Economic Growth Forum emphasized that achieving this target requires structural changes beyond simple GDP increases, focusing instead on industrialization, value addition, and sustained investment to move from exporting raw commodities to producing high-value goods.

To support this transformation, experts highlight the need for stronger financial systems, specifically regarding mortgage financing. While the housing sector contributes approximately 11 percent to Uganda’s GDP, mortgage loans account for less than 1 percent of GDP. Addressing the estimated housing deficit of 2.4 million units is seen as a critical economic driver, as construction creates a multiplier effect across manufacturing, trade, and employment.